Dimon defends stance on remote work
During a talk at Stanford University’s Graduate School of Business, Dimon reiterated his opposition to remote work, calling it ineffective for JPMorgan’s business model. According to a report by the New York Post, Dimon, 68, expressed frustration over virtual work, saying, “It doesn’t work in our business.”
He acknowledged that remote work can be effective in specific roles and respects employees’ preferences. “We have 10% of our people working at home full-time,” Dimon said. “We put virtual call centers in Baltimore and Detroit. We did it to see if they’d be effective. They’re highly effective. They work from home. They’re mostly minorities. That’s why we did it. So I’m not against it where it works.”
However, he emphasized that individual preferences would not dictate JPMorgan’s policies. “I also completely defend your right to say, ‘I don’t want to.'” But he added, “I don’t defend your right to tell me what JPMorgan’s gonna do. So you have a free market. You can do one thing, I can do another. That’s what’s called a free market.”
Young workforce needs in-office exposure
Dimon argued that only corporate employees in middle management were hesitant, while essential workers never had the option to work remotely. “Where did you get your Amazon packages from? Your beef, your meat, your vodka? Where did you get the diapers from?” he asked, referencing the 60% of Americans who continued working on-site during the pandemic, including UPS and FedEx employees, manufacturers, hospital staff, sanitation workers, firefighters, and military personnel. “It’s only these people in the middle who complain a lot about it,” he said.
He highlighted the impact of remote work on young employees, stating that it limits their learning opportunities. “By the second year, you have less people, you’re put on less assignments, you know less what’s going on,” he said. He also disapproved of scenarios where junior staff were required to be in the office while their managers worked remotely.
In-person collaboration essential for company culture
Dimon emphasized that face-to-face interactions play a crucial role in management and culture-building, which he believes virtual settings lack. He pointed out that in-person work allows for constant updates and dynamic exchanges of information, which are vital for company operations.He also criticised distractions during virtual meetings, including excessive phone usage during Zoom calls, as a drawback of remote work. These factors, he argued, reinforce JPMorgan’s decision to require full-time office attendance.
